S&P rates Signal Parent B

S&P said it assigned B ratings to Signal Parent Inc. and its planned $550 million first-lien term loan due 2028. S&P also gave Signal’s proposed $300 million of senior unsecured notes a CCC+ rating. The loan’s recovery rating is 3, and the notes’ recovery rating is 6.

Blackstone is acquiring Interior Logic Group Holdings LLC through Signal Parent. S&P affirmed Interior Logic’s B issuer rating.

“The rating affirmation reflects the expectation for organic revenue growth and cost-saving actions to allow for earnings-based deleveraging below 6x by year-end 2021, from S&P Global Ratings-adjusted debt to EBITDA of about 6.5x estimated at transaction close,” the agency said in a press release.

The outlook is stable.

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